Malaysia’s Petronas makes higher offer for MISC in $3 billion deal

April 28, 2013

From Reuters, dateline 2013-04-05:

Malaysia’s state owned oil and gas firm Petroliam Nasional Bhd (Petronas) PETR.UL raised the offer price to take over shipping firm MISC Bhd (MISC.KL) in a deal valued at 9.2 billion ringgit ($3 billion).

The revised offer of 5.50 ringgit per share comes after MISC’s other major shareholder, the Employees Provident Fund found the original bid of 5.30 per share to be unattractive.

Petronas did not disclose reasons behind the revised offer on Friday, which is 0.73 percent or four sen higher than MISC’s share close of 5.46 ringgit per share.

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‘RM12b oil royalty unreasonable’

April 26, 2013

From the NST, dateline 2013-04-03:

Kelantan govt’s claim involves technical matters, says PM’s Office

KUALA LUMPUR: THE Kelantan government’s RM12 billion petroleum royalty demand is not only unreasonable from the legal standpoint but also concerns technicalities related to activities for oil and gas extraction in the area concerned.

The Prime Minister’s Office (PMO), in a statement issued yesterday, said Kelantan, just as Terengganu and all other states in Peninsular Malaysia, only had rights to demand petroleum royalty if extraction of oil and gas was done not more than three nautical miles from the low tide line or the shore of the state concerned.

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PM: PETRONAS’ tender decision entirely its own

April 25, 2013

Does this mean that before this, the decision to award tenders was the PM’s?

From the Malaysian Chronicle, dateline 2013-04-03:

Decisions on tender awards for upstream and downstream activities in the oil and gas sector are left in Petronas’ (Petroliam Nasional Bhd) hands, said Prime Minister Datuk Seri Najib Razak.

The government does not want to have a say in the decision-making process.

“A few months ago, I decided that all the tenders be decided by the board’s wisdom … I don’t want to make the decision,” Najib said during a townhall session with Petronas staff yesterday.

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Malaysia PM expands handouts as delayed election nears

April 23, 2013

Apparently a main reason why PETRONAS staff get bonuses is … elections? In that case, they should change the Constitution to have elections every 6 months.

Dateline 2013-04-02 by the Sunday Straits Times:

Malaysian Prime Minister Najib Razak announced bonuses for the 40,000 employees of national oil firm PETRONAS on Tuesday, signalling a long wait for a general election is nearly over as he seeks last-minute support from the middle class.

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RM12b petroleum royalty demand by Kelantan govt without basis – PMO Read more: RM12b petroleum royalty demand by Kelantan govt without basis – PMO

April 19, 2013

I saw this and wondered, what was PCSB Peninsular Malaysia Operations (PMO) doing, giving out press statements? Dateline 2013-04-02:

The RM12 billion petroleum royalty demand by the Kelantan government is not based on any reasonable grounds, said a statement issued by the Prime Minister’s Office (PMO) here today.

The statement said the demand not only was unreasonable from the legal standpoint but also technicalities related to activities for oil and gas extraction in the area concerned.

“According to the law, the state of Kelantan, just as the state of Terengganu and all other states in Peninsular Malaysia, only have rights to demand petroleum royalty if extraction of oil and gas is done not more than three nautical miles from the low tide line or the shore of the state concerned,” it said.

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Election Time!

March 18, 2013

Yes, it’s time for the 2013 IEM Elections. Up for grabs are vacancies for the Vice Presidents positions (4 of them) for 2 sessions. Get your ballots in by the Friday, 5 April, 2013.

I think I’ll throw down my vote with those I see often at the BEM (those who are often there, but I don’t see, my apologies). Let the next 2 years theme be, “Symbios Govermentus (whomever it may be).”

In alphabetical order,

  • Ir. Gopal Narian Kutty
  • Ir. Mohd Aman Hj. Idris
  • Ir. PE Chong
  • Ir. Prof. Ishak Abdul Rahman

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Polisi baru PETRONAS sisih syarikat bumiputera?

March 17, 2013

You can translate yourself. Who IS the advisor on these matters? If the guy asks for a cup of coffee when discussing the points of attack, she’s been overpaid. Me, I am open, and will charge you hourly rates with an invoice.

From Harakah Daily, dateline 2013-02-03:

Teras Pengupayaan Melayu (Teras) mendesak kerajaan agar polisi baru yang berkaitan dengan anugerah tender yang kini berjalan di bawah Presiden dan CEO Petronas Tan Sri Shamsul Azhar Abbas disemak semula.

Presidennya, Mohd Azmi Abdul Hamid berkata, walaupun CEO Petronas  tersebut ada menyatakan mahu melakukan reformasi besar dalam pengurusan Petronas, namun perubahan polisi yang menyisihkan syarikat tempatan dan syarikat bumiputera bukanlah perubahan yang dapat diterima.

“Berdasarkan perkembangan terkini yang melibatkan penganugerahan konsesi Petronas kepada syarikat asing, peranan Petronas untuk meningkatkan penyertaan syarikat bumiputera dalam industri minyak dan gas kini terjejas,” ujarnya dalam satu kenyataan.

Kenyataan beliau selanjutnya seperti di bawah.

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MTEM mahu Presiden Petronas diganti

March 16, 2013

You can translate yourself.

From Utusan, dateline 2013-02-03:

Sebanyak 47 pertubuhan bukan kerajaan (NGO) ekonomi Melayu mahu Presiden dan Ketua Pegawai Eksekutif Petroliam Nasional Bhd. (Petronas), Tan Sri Shamsul Azhar Abbas meletak jawatan daripada menerajui syarikat khazanah yang menjadi ikon negara ini.

Kesemua NGO yang bergabung di bawah Majlis Tindakan Ekonomi Melayu (MTEM) mendakwa Petronas di bawah kepimpinan Shamsul Azhar gagal menjalankan tanggungjawab dan matlamat penubuhan iaitu meningkatkan ekonomi usahawan bumiputera, khususnya dalam bidang minyak dan gas.

Pengerusi MTEM, Datuk Syed Ali Mohamed Alattas mendakwa, antara punca utama syarikat nadi negara itu gagal dalam penubuhannya kerana lebih mengutamakan syarikat asing yang sebahagiannya tidak mempunyai lesen Petronas seperti termaktub dalam undang-undang.

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PETRONAS in a Dilemma

March 15, 2013

Really? Why doesn’t MTEM come round and get me to give a press statement?

1-2013-02-14 13.29.46

For those of you who missed the hoo ha, and want to get some biased background, visit here and here.

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Matrade: Government to focus on enhancing existing O&G fields

March 7, 2013

From the Malaysian Insider, dateline 2013-02-27:

The government will continue to focus on efforts to enhance output from existing oil and natural gas fields, in addition to advancing exploration in deepwater areas.

Chief executive officer of the Malaysia External Trade Development Corporation (Matrade) Datuk Dr Wong Lai Sum said to complement the efforts, the government had introduced various new tax and investment incentives, aimed at promoting oil and natural gas exploration and development.

She said Malaysia’s significance in respect of the global oil and gas industry was well recognised, with the country currently ranked at 28th spot among oil producers, with exports of oil & gas products worth RM142.6 billion in 2012.

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